German fund manager Deka Immobilien has acquired the Theresie mixed-use complex in Munich from Canadian property company Ivanhoe Cambridge for around €257 mln.

German fund manager Deka Immobilien has acquired the Theresie mixed-use complex in Munich from Canadian property company Ivanhoe Cambridge for around €257 mln.

The fully leased property was completed in 2003 and comprises six buildings with a total leasable area of around 70,000 m2, of which around 55,000 is dedicated to offices, 6,000 m2 to retail, 5,000 m2 to residential and 4,000 m2 to storage space.

Key tenants include the German national lottery's Bavarian office and the Loyalty Partner group, which forms part of American Express.

Ivanhoe Cambridge is the real estate investment arm of Canadian pension fund Caisse de dépôt et placement du Québec. The property company had assets under management of over CAD$40 bn (€27.2 bn) at end-2013.